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This survey paper prepared for the Handbook of Utility Theory covers the axiomatic foundation of decision making under uncertainty when conditional preferences are allowed to be state dependent, leading to an expected state-dependent utility representation.
Persistent link: https://www.econbiz.de/10005634106
Evidence such as the Ellsberg Paradox shows that decision-makers do not assign probabilities to all events. It is intuitive that they may differ not only in the probabilities assigned to given events but also in the identity of the events to which they assign probabilities. This paper describes...
Persistent link: https://www.econbiz.de/10005808207
In this paper a Superiority and Inferiority Ranking (SIR) method is proposed. This new method uses two types of information, the superiority and the inferiority information, to derive two types of flows, the superiority flow and the inferiority flow, by which the set of alternatives are ranked...
Persistent link: https://www.econbiz.de/10005619041